In the latest Cvent
Group Business Outlook, a 24-month forward-looking report
highlighting United States group booking activity through the Cvent
Supplier Network, data shows U.S. hotels may face a more difficult
group business environment. Looking out into time, group booking pace is
down across all eight quarters year-over-year.
“While we saw a significant increase in awarded request for proposal
(RFP) activity at the end of 2018, the increase in activity was likely
impacted by the desire to finalize group contracts before commission
policy changes made by a number of large hotel chains went into effect
this year,” said Jeffrey Emenecker, Senior Director of Analytics at
Cvent. “As we look at the next two years, our sourcing data shows an
overall decline in group occupancy in the U.S. market. While the
downturn shown in our group business data may be attributed to external
factors outside of a hotelier’s control, such as current geopolitical
events, these unique insights allow hospitality professionals to find
more proactive ways to attract group business and stay ahead of market
trends.”
Key Highlights from the Q1 2019 Group Business Outlook:
-
Overall, the 24-month view highlights a challenging market. Group
business demand is relatively flat while supply is increasing, making
it a hypercompetitive market, which will require hoteliers to reassess
their group strategy and work harder to attract and win group business. -
Awarded request for proposal (RFP) activity decreased in Q1. This
downturn was expected as event professionals navigate the new
commission policy changes that went into effect this year. -
The average size of group room block, and peak room nights are both up
significantly (4 percent). This is somewhat counter to the general
downturn that our Group Business Outlook shows.
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for the full report.
About the Cvent Group Business Outlook
The Cvent Group Business Outlook is a 24-month forward-looking report
highlighting United States group booking activity through the Cvent
Supplier Network, the world’s largest venue sourcing database with
255,000 venues globally through which more than $16 billion dollars of
group business is sourced annually. The proprietary data within the
Group Business Outlook is intended to inform hoteliers of key market
trends and support continued group business growth within the industry.
About Cvent
Cvent is a leading meetings, events, and hospitality software company
with more than 4,000 employees, 25,000 customers, and 300,000 users
worldwide. The Cvent Event Cloud offers software solutions to event
planners and marketers for online event registration, venue selection,
event management and marketing, onsite solutions, and attendee
engagement. Cvent’s suite of products automate and simplify the planning
process to maximize the impact of events. The Cvent Hospitality Cloud
partners with hotels and venues to help them drive group and corporate
travel business. Hotels use the Cvent Hospitality Cloud’s digital
marketing tools and software solutions to win business through Cvent’s
sourcing platforms and to service their customers directly, efficiently
and profitably – helping them grow and own their business. For more
information, please visit Cvent.com,
or connect with us on Facebook, Twitter or LinkedIn.
View source version on businesswire.com: https://www.businesswire.com/news/home/20190509005008/en/